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Segment and Geographic Information
 6 Months Ended
Oct. 28, 2011
Segment Reporting [Abstract]  
Segment and Geographic Information

Note 20 – Segment and Geographic Information

 

Segment information

 

The Company's Cardiac and Vascular Group consists of three businesses: Cardiac Rhythm Disease Management (CRDM), CardioVascular, and Physio-Control. The primary products sold by this operating segment include those for cardiac rhythm disorders, cardiovascular disease, and external defibrillation. The Company's Restorative Therapies Group consists of four businesses: Spinal, Neuromodulation, Diabetes, and Surgical Technologies. The primary products sold by this operating segment include those for spinal conditions and musculoskeletal trauma, neurological disorders, urological and digestive disorders, diabetes, and ear, nose, and throat conditions.

 

The Company's management evaluates performance and allocates resources based on profit and loss from operations before income taxes and interest expense, net, not including special charges, restructuring charges, certain litigation charges, net, acquisition-related items, and certain tax adjustments. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies in the Company's Annual Report on Form 10-K for the year ended April 29, 2011.

 

Net sales of the Company's reportable segments include end-customer revenues from the sale of products they each develop and manufacture or distribute. Net sales and earnings before income taxes by reportable segment are as follows:

  Three months ended Six months ended
  October 28,  October 29,  October 28,  October 29,
(in millions)2011 2010 2011 2010
Cardiac and Vascular Group $ 2,207 $2,095 $ 4,413 $ 4,122
Restorative Therapies Group   1,925  1,808   3,768   3,555
Total Net Sales $ 4,132 $ 3,903 $ 8,181 $ 7,677

 Three months ended Six months ended
 October 28,  October 29,  October 28,  October 29,
(in millions)2011 2010 2011 2010
Cardiac and Vascular Group$ 657 $710 $ 1,376 $ 1,427
Restorative Therapies Group  481  500   971   988
Total Reportable Segments' Earnings Before Income Taxes  1,138   1,210   2,347   2,415
Certain litigation charges, net  -   (279)   -   (279)
Acquisition-related items  17   (24)   4   (39)
Interest expense, net  (38)   (67)   (70)   (141)
Corporate  (64)   (88)   (206)   (164)
Total Earnings Before Income Taxes$ 1,053 $ 752 $ 2,075 $ 1,792

The following table presents the Company's net assets by reportable segment:

  October 28,  April 29,
(in millions)2011 2011
Cardiac and Vascular Group $ 7,078 $6,774
Restorative Therapies Group   10,998  10,539
Total Net Assets of Reportable Segments   18,076   17,313
Short-term borrowings   (2,050)   (1,723)
Long-term debt   (8,222)   (8,112)
Corporate   8,935   8,490
Total Net Assets $ 16,739 $ 15,968

Geographic information            
             
Net sales to external customers by geography are as follows:            
  Three months ended Six months ended
  October 28,  October 29,  October 28,  October 29,
(in millions)2011 2010 2011 2010
United States $ 2,300 $2,295 $ 4,506 $4,524
Europe and Central Asia   976   865   1,985  1,727
Asia Pacific  612  520   1,205   1,006
Other Foreign  244  223  485  420
Total Net Sales $ 4,132 $ 3,903 $ 8,181 $ 7,677